Emerging Markets: ‘Fragile Five’ face low risk of full-fledged crisis: Roubini
Economist Nouriel Roubini argued that the emerging economies referred to as the ‘Fragile Five’ (India, Indonesia, Brazil, Turkey and South Africa) are not in as bad of shape as current market pessimism reflects. Roubini acknowledges that certain structural risks need to be addresses in these countries but points out that, “all have flexible exchange rates, a large war chest of reserves to shield against a run on their currencies and banks and fewer currency mismatches.”

United Kingdom: Ernst & Young says London bubble needs to be cooled down
London led an increase in U.K. home prices last month, a report showed today, as Ernst & Young LLP’s Item Club said the city’s property market risks overheating. According to Bloomberg, mortgage approvals are at an almost six-year high amid a property revival fueled by an improving economy and government incentives, which keeps rising concerns over a housing bubble.

India: India revises down 2012/13 GDP growth to 4.5 percent y/y
Reuters reports that India revised down its economic growth for the fiscal year 2012/13 to 4.5% from 5.0% on lower than provisionally estimated output in farm and manufacturing sectors.

Japan: Deflation nearing end, 2013 data show
Economic data for 2013 showed signs that Japan is moving a step closer to beating prolonged deflation. The Japan Times echoed that consumer prices rose for the first time in five years while the employment situation also improved on the back of an economic recovery.

Korea: South Korea’s Japanese Mirror
Project Syndicate’s contributor Danny Leipziger writes and interesting article economic features in South Korea.

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